Madoff auction brings in $2 million, or $877.20 per investor
The auction on Saturday of personal items of Bernard Madoff—the financier who is credited with orchestrating the largest Ponzi scheme ever, a $65 billion trail of fraud—did better than anyone expected. When all was said and done, about $2 million had been raised through the sale of some of Madoff's prized possessions. His black velveteen slippers embroidered with his initials BLM sold for $6,100. His monogrammed boxer shorts (unused, the buyers were told), along with other menswear, brought in $650. A Tabriz antique rug went for $30,000. A Steinway and Sons grand piano managed to sell for $42,000, about three times its expected price. And the 10.5-carat diamond engagement ring Madoff gave to his wife, Ruth, sold for $550,000.